Traders who were banking on a rebound in Bitcoin and crypto prices are facing heavy losses as the week kicks off.
Bitcoin saw a sharp drop from its 24-hour high of $67,695 to a low of $63,962, resulting in a total of $616.41 million in liquidations, as reported by CoinGlass.
The majority of these liquidations affected traders who had taken long positions, amounting to $524.28 million.
Bitcoin has now closed with five consecutive monthly red candles, indicating one of the longest losing streaks in its history.
The recent plunge comes amidst a wider market downturn, as investors weigh the implications of the Supreme Court’s ruling against Trump’s tariffs.
Looking at the bigger picture, crypto analyst Michaël van de Poppe observes that Bitcoin is currently stuck in a significant downtrend compared to gold.
“The situation isn’t looking good. Bitcoin failed to hold above the $65,000 mark and is on a downward trend.
On the other hand, gold continues to surge. The inverse correlation between the two assets remains evident. We’ll have to wait and see how this plays out in the coming months, but the downward trend seems to persist.”
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Image Credit: Midjourney